UPDATE: Sterne Agee Upgrades CH Robinson Worldwide to Buy on Improved Fundamentals
Sterne Agee raised its rating on CH Robinson Worldwide (NASDAQ: CHRW) from Neutral to Buy and increased its price target from $60 to $65.
Sterne Agee commented, "Our 2-year bearishness on CHRW may be turning on a weaker truck rate environment and a realization by management that it must use its balance sheet to break out of the truck brokerage box a little more aggressively. We view the recent Phoenix International acquisition as an important step in that direction. At present, we view this as more of a short-term opportunity than a longer-term investment given our broader view of the trucking economy, which could tighten quickly if volume returns."
CH Robinson Worldwide closed at $58.58 on Friday.
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